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educate me 401-k

  1. #1951
    Lifer Chippertheripper's Avatar
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    Re: educate me 401-k


    Quote Originally Posted by OreoGaborio View Post
    So other than the fact that my shocks & other investments are shitting the bed, would I be an idiot if I were to buy a house in the next month or so? Been looking at places.
    I don’t necessarily think so. The way this is going in my mind, the better deals will be had right after this is over though. This is going to slow down your closing process bigly, if you can get it closed at all. But people are going to want to MOVE after things open back up.

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  2. #1952
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    Re: educate me 401-k

    I know I'm shopping for rental properties.

    Sent from my SM-G930V using Tapatalk

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  3. #1953
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    Re: educate me 401-k

    Quote Originally Posted by nhbubba View Post
    I've been (informally) tracking three institutions; my local bass-ackwards credit union, a bigger regional credit union who usually seems to have its head screwed on correctly, and the commercial gigga-bank that currently holds my note. Local CU has been back down where I expect it to be. Unfortunately they only advertise "mortgage rates" so I fully expect a bait-and-switch when I tell them this is a refi, not a new loan. But the mega-bank is now right down there with them. The regional CU who I want to use is still out of this world though.

    There is a 1.375% difference between the ginormo-bank and the regional CU right now on a 15 year note. I just don't understand how the hell that happens.

    Also FHA doesn't look pretty right now. They are still in the high 4's for a 30-year.
    What is the origination fee difference across the 3 lendors?

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  4. #1954
    Burns retinas nhbubba's Avatar
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    Re: educate me 401-k

    Great question. That's usually not published.
    I go out of my way to try compare 0-point to 0-point rates. But I can't account for origination fees.
    Best I ever get when I enquire is an "estimate" for gross closing costs. For some reason the mega-bank is on the order of 2x the credit unions. But that isn't nearly enough to offset the rate diff.

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  5. #1955
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    Re: educate me 401-k

    Quote Originally Posted by nhbubba View Post
    I can't believe that we are not in for a decline in home value/prices.
    But then I know nothing. I'm just a guy that reads NESR too much. Consider that. Always consider that.




    As I re-read this I felt a slight tap in the back of my head. I think it was my parents from 1983 smacking me in the back of the head with their 12% rate.
    1n 1982, I got a 13Ĺ% rate from Farmers Home, commercial banks were nearing 18%, car loans were over 20%

    lower values ? that depends on how long this thing goes on for, the rise has flattened fer sure,

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  6. #1956
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    Re: educate me 401-k

    Quote Originally Posted by nhbubba View Post
    Great question. That's usually not published.
    I go out of my way to try compare 0-point to 0-point rates. But I can't account for origination fees.
    Best I ever get when I enquire is an "estimate" for gross closing costs. For some reason the mega-bank is on the order of 2x the credit unions. But that isn't nearly enough to offset the rate diff.
    They all should be displaying the APR in addition to the interest rate. APR will provide a more apples-to-apples comparison in absence of fees not being disclosed.

    Over the past several weeks I've been tracking rates on AIM Loans and watching their fees/credits shift daily at the rate levels. Been craziness but at least its coming back down.

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  7. #1957
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    Re: educate me 401-k

    Quote Originally Posted by nhbubba View Post
    Great question. That's usually not published.
    I go out of my way to try compare 0-point to 0-point rates. But I can't account for origination fees.
    Best I ever get when I enquire is an "estimate" for gross closing costs. For some reason the mega-bank is on the order of 2x the credit unions. But that isn't nearly enough to offset the rate diff.
    Huh interesting. All the places I've been looking at publish fees.

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  8. #1958
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    Re: educate me 401-k

    Shouldn't there be a truth in lending statement disclosed or is that just a MA thing?

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  9. #1959
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    Re: educate me 401-k

    Quote Originally Posted by RandyO View Post
    1n 1982, I got a 13Ĺ% rate from Farmers Home, commercial banks were nearing 18%, car loans were over 20%

    lower values ? that depends on how long this thing goes on for, the rise has flattened fer sure,
    There’s a pill for that.
    Heyooooo.

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  10. #1960
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    Re: educate me 401-k

    Quote Originally Posted by TheIglu View Post
    Shouldn't there be a truth in lending statement disclosed or is that just a MA thing?
    It's not in the marketing material (aka website).
    Or maybe it is and I'm just the dummy in the room.

    My experience is that estimating closing costs winds up being a best guess anyway. There always seem to be incidentals and "oh yeah, you'll need to pay for ..." bits that pop up throughout the process. I haven't got a handle on comparing those.

    The APR vs rate comparison is fair. I should be making that comparison instead.

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  11. #1961
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    Re: educate me 401-k

    Quote Originally Posted by TheIglu View Post
    Shouldn't there be a truth in lending statement disclosed or is that just a MA thing?
    Its a national consumer protection act. A loan estimate (TIL/GFE) will be provided typically after you apply and are further along in the process than window shopping rates on webpages. Some lender websites will provide a non-binding loan estimate if you enter all the necessary details.

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  12. #1962

    Re: educate me 401-k

    Iím pretty much burned out with covid-19 and stock market research lately. Can someone give me the quick breakdown of the stimulus package they passed?
    $2400/household as long as you made less than $150k in 2018/19 or something like that? Thatís even if you havenít lost your job/are currently employed?

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  13. #1963
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    Re: educate me 401-k

    Quote Originally Posted by tsorfas View Post
    Iím pretty much burned out with covid-19 and stock market research lately. Can someone give me the quick breakdown of the stimulus package they passed?
    $2400/household as long as you made less than $150k in 2018/19 or something like that? Thatís even if you havenít lost your job/are currently employed?
    If you make under $75k single you get $1,200. Married the limit is $150k jointly and you get $2,400. If you make $100k solo or $200k jointly, you get 0. Straight line in between the ranges.
    If you are head of household then your limit range is $112,500 - $136,500.
    Extra $500 for every kiddo you claim under 17 years old.

    Looks like they'll base it on your 2019 tax return if filed, if not they go back to 2018 return to see your income. Needless to say, if you made a lot more in 2019 then 2018 you run the risk of getting some clawed back. If the opposite is true you probably won't get anything today. The second article below does a good job laying out some of these scenarios. The first is a nice quick snap shot of the rules.

    https://www.usatoday.com/story/money...nt/2921123001/

    https://www.forbes.com/sites/anthony.../#3d23a75bb9dc

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  14. #1964

    Re: educate me 401-k

    Thank you bro

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  15. #1965
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    Re: educate me 401-k

    Quote Originally Posted by TheIglu View Post
    Profit is profit. A sure $300 is better than a maybe $600.
    Thank-you, and Chipper also. Good advice. I made a couple of hundred and I would have been down a couple of hundred had I not sold. Not buying back in yet as I need my play money for something else right now.

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  16. #1966
    Fast is contagious JettaJayGLS's Avatar
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    Re: educate me 401-k

    I think* Degsy's point was that a huge chunk of the population is left out. Make more than $100k and you get nothing from the personal stimulus. Meanwhile, if you are a 1%er you are gonna get massive kickbacks via stock buybacks, increased salaries at the top, etc. that the corporate stimulus is going to provide.

    If we assume 30% makes over 100k (source: https://www.statista.com/statistics/...ome-in-the-us/) and 1% get the corporate kick backs, then 29% of the population gets nothing. Deep down, I'm actually okay with this but a part of me can't help but be bummed that people that made good money but may have lost their job get nothing from this.

    $100k in most major cities does not provide a big cushion to generate 6 months of bills in cash savings, but you can't build in every single nuance. On the flip side, I think most that are in the 100k+ range have built up enough credit and have a good enough resume to survive, even if they don't have 6 months of cash.

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    Last edited by JettaJayGLS; 03-27-20 at 02:00 PM.
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  17. #1967
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    Re: educate me 401-k

    Quote Originally Posted by JettaJayGLS View Post
    I think* Degsy's point was that a huge chunk of the population is left out. Make more than $100k and you get nothing from the personal stimulus. Meanwhile, if you are a 1%er you are gonna get massive kickbacks via stock buybacks, increased salaries at the top, etc. that the corporate stimulus is going to provide.

    If we assume 30% makes over 100k (source: https://www.statista.com/statistics/...ome-in-the-us/) and 1% get the corporate kick backs, then 29% of the population gets nothing. Deep down, I'm actually okay with this but a part of me can't help but be bummed that people that made good money but may have lost their job get nothing from this.

    $100k in most major cities does not provide a big cushion to generate 6 months of bills in cash savings, but you can't build in every single nuance. On the flip side, I think most that are in the 100k+ range have built up enough credit and have a good enough resume to survive, even if they don't have 6 months of cash.
    That was exactly my point. Through hard work and an exhausting 2019, we are just about in the "not getting a dime" category. We already filed for 2019 taxes. For 2018 we would have got something from this.

    We are pretty comfortable though and my job is secure and I have several options if I lost it and my wife cannot be laid off, so personally I'm not complaining. I do think the limits should have been higher by 50K.

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  18. #1968
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    Re: educate me 401-k

    Quote Originally Posted by JettaJayGLS View Post
    Meanwhile, if you are a 1%er you are gonna get massive kickbacks via stock buybacks, increased salaries at the top, etc. that the corporate stimulus is going to provide.
    The draft of the bill (I assume it's in the final version) prohibited any company getting bailed out from purchasing it own stock until paid back in full, plus 12 months. I think it also addressed executive salaries and bonuses (including options). This is partially what the dems and repubs were a'wrastling over.

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  19. #1969
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    Re: educate me 401-k

    Quote Originally Posted by Bonk! View Post
    The draft of the bill (I assume it's in the final version) prohibited any company getting bailed out from purchasing it own stock until paid back in full, plus 12 months. I think it also addressed executive salaries and bonuses (including options). This is partially what the dems and repubs were a'wrastling over.
    That would be great. I am not 100% up to date on it. Once the dollar thresholds came out I stopped following as closely because I know who and who isn't covered in my family. None of us are 1%ers, but I'm completely satisfied with how the ranges worked out in our scenario.

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    Last edited by JettaJayGLS; 03-27-20 at 02:12 PM.
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  20. #1970
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    Re: educate me 401-k

    Per the LA Times: Big businesses that accept bailouts from the $500-billion bailout fund will have to accept mandates on how they spend the money. They’ll be barred from staging share buybacks or paying dividends until one year after the bailout funds are paid back.

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  21. #1971
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    Re: educate me 401-k

    We're getting the full amount.

    Maximizing your contributions to your 401k/IRA helps lower your AGI significantly, which is what I've heard they are going by for payment brackets. Pays to pay your future self, that's for sure!

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  22. #1972
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    Re: educate me 401-k

    The stimulus package will only cost the average american somewhere between $6000 and $7000 for each adult in the long term.

    That, of course, is ignoring the 1.5 trillion that the Fed has already injected into the market over the past ~7 months.
    educate me 401-k-balance-sheet-png

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  23. #1973
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    Re: educate me 401-k

    Yup. A country full of non-savers.

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  24. #1974
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    Re: educate me 401-k

    I would forego the the "stimulus" to avoid the repayment.

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  25. #1975
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    Re: educate me 401-k

    Edit: sorry, wrong thread

    Expanded unemployment to self employed peoples, so my wife, who's salon is shut down for a month, can collect.

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    Last edited by jimmycapp; 03-28-20 at 09:02 AM.

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